Cnb Financial Corporation · NASDAQ:CCNE
Cnb Financial — Q3 2026 Earnings Presentation
46 slides from Cnb Financial's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Supplement
Q3 2026 Earnings Supplement Focusing on great experiences and mutually sustainable success for our clients, colleagues, and investors.
Slide 2: Certain Important Information
CERTAIN IMPORTANT INFORMATION Certain comparative financial information for the three and nine months ended September 30, 2025 has been recast to reflect the Corporation's adoption of Accounting Standards Update 2025-08, Financial Services - Credit Losses (Topic 326): Purchased Financial Assets. The
Slide 3: Company Overview
COMPANY OVERVIEW ▪ Holding Company for CNB Bank (Clearfield, PA), FINANCIAL HIGHLIGHTS serving the community since 1865 (As of 9/30/2026) ▪ 75 full-service offices, one loan production office, $8.4 one mobile office, two limited service offices ASSETS: billion across Pennsylvania, New York, Ohio and
Slide 4: 3rd Quarter 2026 Highlights
3RD QUARTER 2026 HIGHLIGHTS • Net Income of $27.0 million, or $0.91 per diluted common share • Return on Average Assets of 1.33% EARNINGS & • Return on Average Tangible Common Equity (ROATCE) of 14.39%(1) PROFITABILITY • Return on Average Equity of 12.09% • Net Interest Margin, fully tax equivalent,
Slide 5: 3rd Quarter 2026 Highlights
3RD QUARTER 2026 HIGHLIGHTS • Total loans receivable of $6.6 billion increased $106.8 million, or 6.50% annualized, from the prior quarter LOANS • Yield on loans and loans held for sale of 6.31%, down 7 bps from the prior quarter • Loan/Deposit ratio of 93.94% • Total deposits of $7.0 billion decrea
Slide 6: Unique Multi-State, Multi-Brand Model
UNIQUE MULTI-STATE, MULTI-BRAND MODEL ▪ Opened in 2013 with the acquisition of FC Banc Corp. in Bucyrus, OH ▪ 7 full-service offices serving the greater- ▪ Opened in August 2005 Columbus metro area and Central Ohio ▪ Legacy market with 9 full-service offices serving Erie, Crawford & Warren ▪ Opened
Slide 7: Investment Highlights
INVESTMENT HIGHLIGHTS Market • Well diversified geographically • Balance of higher deposit share/legacy markets, with Management higher growth markets Balance Sheet • Experienced executive • Strong risk profile management team, supported • Primary focus on commercial by a deep bench, focused on lend
Slide 8: Investment Accretion and Returns
INVESTMENT ACCRETION AND RETURNS 8
Slide 9: Tangible Book Value per Common Share
TANGIBLE BOOK VALUE PER COMMON SHARE $35 $30 $28.86 $27.63 $27.12 $26.34 $24.57 $25 $22.85 $22.39 $24.87 $21.29 $24.24 $20.00 $23.48 $22.76 $22.46 $20 $17.28 $20.22 $20.30 $15.98 $18.66 $17.45 $15 $14.69 $13.33 $10 $5 $- 2017 2018 2019 2020 2021 2022 2023 2024 2025 9/30/2025 9/30/2026 Book Value / C
Slide 10: Return on Average Tangible Common Equity
RETURN ON AVERAGE TANGIBLE COMMON EQUITY 18% 16.64% 16.01% 16.28% 16.23% 16% 14.84% 14% 14.05% 13.86% 13.46% 12.58% 13.39% 12.03% 11.98% 12% 11.42% 12.38% 10.67% 10.25% 10% 10.54% 10.59% 10.13% 9.97% 9.14% 9.21% 9.14% 8.93% 8% 6% 4% 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD YTD 9/30/2025 9/30
Slide 11: Diluted Earnings per Common Share
DILUTED EARNINGS PER COMMON SHARE $3.50 $3.26 $3.16 $2.95 $3.00 $2.63 $2.69 $2.55 $2.50 $2.39 $2.21 $2.49 $2.05 $1.97 $2.00 $1.54 $1.57 $1.81 $1.50 $1.42 $1.00 $0.50 $- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD YTD 9/30/2025 9/30/2026 EPS Adj (1) EPS (1) (1) Diluted earnings per com
Slide 12: Dividend History
DIVIDEND HISTORY HISTORICAL DIVIDEND PER COMMON SHARE $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 Common Dividend Special Dividend • The Corporation’s long, uninterrupted history of dividends to its common shareholders reflects a key component of its total shareholder return • Common stock
Slide 13: Our Mission
OUR MISSION We are dedicated to being the premier financial services provider in our communities CNB’s commitment to providing premier banking and wealth management solutions, building valued client relationships, being an employer of choice, and achieving top-tier performance is evidenced by: • Pro
Slide 14: Asset Growth and Key Milestones
ASSET GROWTH AND KEY MILESTONES $9 $8.4 $8.4 CAPITAL ACTIVITY 2010: Common Equity Raise of $8 $34.5MM $7 2016: $50.0MM Subordinated Debt $6.2 Issued $6 $5.8 $5.3 $5.5 2017: At-The-Market Capital Raise $ in Billions $5 $4.7 of $20.0MM 2020: Preferred Equity Capital $3.8 $4 Raise of $60.4MM $3.2 $3 $2
Slide 15: CNB Bank Senior Management
CNB BANK SENIOR MANAGEMENT MICHAEL D. PEDUZZI MICHAEL J. NOAH President, Chief Executive Officer Executive Vice President, Chief Operating Officer & President, BankOnBuffalo TITO L. LIMA ROBIN W. MINK Senior Executive Vice President, Executive Vice President, Chief Financial Officer Chief Treasury M
Slide 16: Quarterly Results Q3 2026
QUARTERLY RESULTS Q3 2026 CORPORATION®
Slide 17: Profitability
PROFITABILITY NET INCOME AVAILABLE TO COMMON (1) DILUTED EARNINGS PER COMMON SHARE $30,000 $27,229 $26,985 $1.00 $0.91 $0.91 $0.82 $25,000 $22,527 $0.80 $20,000 $0.60 $0.69 $18,914 $15,000 $0.40 $10,000 $5,000 $0.20 $- $- Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 2026 Adj EPS (2) EPS Net Income Adj
Slide 18: Loans and Deposits
LOANS AND DEPOSITS LOANS ($M) DEPOSITS ($M) (1) $8,000 $8,000 $6,900 $7,080 $7,048 $7,000 $6,485 $6,514 $6,621 $7,000 $6,000 $6,000 $5,000 $5,000 $4,000 $4,000 $3,000 $3,000 $2,000 $2,000 $1,000 $1,000 $- $- Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 2026 (1) Deposits excludes deposits held for sale
Slide 19: Net Interest Margin & Efficiency Ratio
NET INTEREST MARGIN (“NIM”) & EFFICIENCY RATIO NIM (1) EFFICIENCY RATIO (1) 3.95% 66.00% 64.56% 3.90% 3.88% 3.89% 3.89% 3.89% 64.00% 3.85% 62.00% 3.80% 60.00% 57.86% 58.21% 57.67% 3.75% 58.00% 56.14% 56.53% 3.70% 3.69% 3.69% 56.00% 3.65% 54.00% 3.60% 52.00% 3.55% 50.00% Q3 2025 Q2 2026 Q3 2026 Q3 20
Slide 20: Loan Portfolio Composition
LOAN PORTFOLIO COMPOSITION 9/30/2026 LOAN PORTFOLIO AVERAGE YIELD ON TOTAL LOANS & COMPOSITION LOANS HELD FOR SALE 7.00% 6.80% Commercial 6.60% 6.52% mortgage 6.38% 37.2% 6.40% 6.31% 6.20% 6.00% Commercial 5.80% & industrial Residential 5.60% 27.3% real estate 5.40% 33.5% 5.20% 5.00% Q3 2025 Q2 2026
Slide 21: Additional Loan Portfolio Detail
ADDITIONAL LOAN PORTFOLIO DETAIL ▪ Well diversified Commercial & Industrial (“C&I”) portfolio with no single industry greater than 16% of total C&I portfolio ▪ CNB has proven C&I underwriting practices and strong loan loss history ▪ Commercial Mortgage portfolio is also well diversified with no sing
Slide 22: Additional Commercial Mortgage Detail
ADDITIONAL COMMERCIAL MORTGAGE DETAIL HOSPITALITY (9/30/26) (1) OFFICE (9/30/26) (1) MULTIFAMILY (9/30/26) (1) State College- Buffalo DuBois, 7.7% 4.5% Buffalo 15.1% Other Cincinnati 21.0% Cleveland Other 8.1% 26.4% 40.6% Allentown- Columbus Other Bethlehem- Allentown- 15.9% 47.1% Easton Bethlehem-
Slide 23: Conservative Credit Culture
CONSERVATIVE CREDIT CULTURE 9/30/2026 NONACCRUAL LOANS BY TYPE NET CHARGE-OFFS/AVERAGE LOANS (1) Consumer & Commercial other 0.35% mortgage 1.5% 18.5% 0.30% 0.25% Commercial 0.20% & industrial 47.8% 0.14% 0.15% Residential 0.09% real estate 0.10% 0.06% 32.2% 0.05% 0.00% Q3 2025 Q2 2026 Q3 2026 HISTO
Slide 24: Deposit Mix
DEPOSIT MIX ▪ Well diversified deposit portfolio ▪ Granular deposit base with average balance per account of $33 thousand ▪ Focused on continuing to reduce interest cost of deposits ▪ Strong risk profile of deposit portfolio, with core deposits at 95.9% of total deposits ▪ Treasury Management deposi
Slide 25: Securities Portfolio
SECURITIES PORTFOLIO 9/30/2026 INVESTMENT PORTFOLIO DETAIL HIGHLIGHTS Corporate notes Pooled SBA & bonds 3.3% 0.7% ▪ Total investment portfolio comprised of 11.1% of total assets, provides supplemental interest income to the loan portfolio and provides securities to meet collateral pledging needs fo
Slide 26: Non-Interest Income
NON-INTEREST INCOME NON-INTEREST INCOME Q3 2025 Q2 2026 Q3 2026 Wealth and asset management fees $2,359 $2,728 $3,672 Service charges on deposit accounts 2,222 2,010 2,144 Other service charges and fees 480 417 464 Net realized gains on available-for-sale securities 397 - - Net realized and unrealiz
Slide 27: Non-Interest Expense
NON-INTEREST EXPENSE NON-INTEREST EXPENSES Q3 2025 Q2 2026 Q3 2026 Salaries and benefits $23,339 $22,712 $24,705 Net occupancy expense of premises 4,823 5,085 4,987 Technology expense 5,485 7,205 7,417 Amortization of core deposit intangible 780 1,016 1,025 Advertising expense 754 728 662 State and
Slide 28: Consolidated Capital Position
CONSOLIDATED CAPITAL POSITION 16.00% 14.67% 14.00% 12.19% 12.00% 10.19% 10.5% 10.00% 8.91% 8.00% 7.0% 6.00% 4.00% 2.00% 0.00% Common Equity / Total Tangible Common Equity / Common Equity Tier 1 Total Risk Based Capital Assets Tangible Assets (1) Ratio Ratio 9/30/2026 Well-Capitalized (2) ▪ The Corpo
Slide 29: Uninsured Deposits and Liquidity
UNINSURED DEPOSITS AND LIQUIDITY ▪ Well diversified and granular deposit base comprised of a combination of consumer, small business, commercial and public funds with an average deposit balance per account at CNB Bank of approximately $33 thousand ▪ Substantial available liquidity, which is well in
Slide 30: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY % Change in Net Interest Income (1) 6/30/2026 12/31/2025 +300 basis points 0.8% 1.6% +200 basis points 0.9% 1.5% +100 basis points 0.6% 1.0% -100 basis points -1.4% -1.8% -200 basis points -1.8% -2.0% -300 basis points -2.4% -2.8% ▪ Earnings stability across declining and r
Slide 31: Market Valuation
MARKET VALUATION Price / Forward EPS Next Twelve Months(1) 16.00 • Franchise is undervalued 14.8x compared to its Peer 13.7x Financial Institutions 14.00 13.2x • CNB has a long history of Median Value: 11.4x 12.0x 12.1x 12.1x 12.1x 12.00 11.4x 11.4x 11.5x 11.5x strong profitability levels 10.7x acro
Slide 32: Market Valuation
MARKET VALUATION Price / Tangible Book Value(1) • Franchise is undervalued 3.50 compared to its Peer Financial Institutions 3.00x 3.00 2.79x • Substantial liquidity and exceptional capital levels 2.41x 2.50 support a top tier market 2.23x 2.27x value 2.00 • Disciplined underwriting Median Value: 1.6
Slide 33: Awards & Recognitions
AWARDS & RECOGNITIONS • FHLB Pillars of the Community Award (2026) • Featured in NASDAQ’s Banking on You Series (2026) • CNB voted Best Bank in Progressland (2026) • ERIEBANK voted Best Bank – Meadville Tribune Readers Choice (2026) • ESSA voted Best Bank in the Pocono Record Community Choice Awards
Slide 34: Appendix
APPENDIX
Slide 35: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION This presentation contains references to financial measures that are not defined in GAAP. Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoi
Slide 36: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, Dollars in thousands, except per share data 2025 2026 2026 2025 2026 Calculation of return on average tangible common equity (non-GAAP): Net income $ 19,990 $ 28,304 $ 28,061
Slide 37: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION For the year ending December 31, Dollars in thousands, except per share data 2017 2018 2019 2020 2021 2022 2023 2024 2025 Calculation of return on average tangible common equity (non-GAAP): Net income $23,860 $33,719 $40,081 $32,743 $57,707 $63,188 $58,020 $54,575 $66,131 Les
Slide 38: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION As of December 31, Dollars in thousands, except per share data 2017 2018 2019 2020 2021 2022 2023 2024 2025 Shareholders' Equity $243,910 $262,830 $304,966 $416,137 $442,847 $530,762 $571,247 $610,695 $872,127 Less: Preferred Equity - - - 57,785 57,785 57,785 57,785 57,785 57
Slide 39: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION As of September 30, Dollars in thousands, except per share data 2025 2026 Shareholders' Equity $857,130 $912,550 Less: Preferred Equity 57,785 57,785 Common Shareholders' Equity 799,345 854,765 Less: goodwill and other intangibles 93,773 87,465 Less: core deposit intangible 3
Slide 40: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, Dollars in thousands, except per share data 2025 2026 2026 2025 2026 Basic earnings per common share computation: Net income available to common shareholders $ 18,914 $ 27,22
Slide 41: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION For the year ending December 31, Dollars in thousands, except per share data 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Income Available to Common Shareholders $23,860 $33,719 $40,081 $31,596 $53,405 $58,886 $53,718 $50,273 $61,829 LESS: Net Income Allocated to Particip
Slide 42: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2026 2026 2025 2026 Calculation of merger transaction related expenses, net of tax (non-GAAP) (1): Merger and integration costs - non deductible $ 1,570 $ - $ - $ 2,897
Slide 43: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2026 2026 2025 2026 Calculation of return on average assets: Net income $ 19,990 $ 28,304 $ 28,061 $ 45,427 $ 83,401 Average total assets $ 7,798,867 $ 8,475,376 $ 8,387
Slide 44: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2026 2026 2025 2026 Calculation of net interest margin: Interest income $ 108,645 $ 115,656 $ 114,997 $ 276,795 $ 342,691 Interest expense 41,516 39,312 38,692 109,038 1
Slide 45: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2025 2026 2026 2025 2026 Calculation of efficiency ratio: Non-interest expense $ 50,157 $ 50,708 $ 51,104 $ 130,812 $ 150,999 Non-interest income $ 10,566 $ 11,302 $ 11,489 $
Slide 46: CCNE and CCNEP trade on NASDAQ Global Select Market
The common and preferred stock of the Corporation trade on the NASDAQ Global Select Market under the symbols CCNE and CCNEP, respectively.